Indian warehouse developer IndoSpace and the Canada Pension Plan Investment Board (CPPIB) have acquired six industrial and logistics parks valued at Rs 30 billion, the companies said on Tuesday. The assets were purchased through IndoSpace Core, their joint venture established in 2017 to acquire and develop logistics facilities.

CPPIB, which holds a ninety-three per cent stake in IndoSpace Core, has committed Rs 14 billion to fund the acquisition. The parks are located in key logistics hubs including Bengaluru, Chennai, Delhi, Mumbai and Pune.

Warehouse developers are experiencing a surge in demand as companies capitalise on India’s economic growth while diversifying supply chains beyond China. India’s warehousing market is projected to more than double to USD 37 billion by 2032, according to estimates from IMARC Group.

“As India cements its status as a global manufacturing hub, we are witnessing increasing demand for high-quality, compliant and sustainable infrastructure,” said Anshuman Singh, Managing Director and Chief Executive Officer of IndoSpace.

In 2023, CPPIB invested USD 205 million as part of IndoSpace’s new fund, which is targeting USD 600 million in equity commitments.